Insurtech Co At-Bay Reached Unicorn Rank In Increase Of $185 Million

Israeli insurer At-Bay has completed a $185 million Series D funding round. The new funding round was co-led by Icon Ventures and Lightspeed Venture Partners, with the participation of existing investors including Khosla Ventures, M12, Acrew Capital, Qumra Capital and HSB’s HSB Fund. Munich Re Ventures and businessman Shlomo Kramer. Series D is the company’s third round in the past 18 months and has a total funding of $272 million. At-Bay’s post-cash valuation is now $1.35 billion. According to Pitchbook, At-Bay’s valuation in its previous funding round in December was $323 million, which means its valuation has quadrupled in seven months. All funds invested in the current round will go to the company, without any secondary transaction. Including this round, the company raised a total of $276 million. The company recently crossed $160 million in annual recurring revenue thanks to an 800% year-over-year premium growth. At-Bay was founded in 2016 by Rotem Iram (CEO), Roman Itskovich (CRO), Etai Hochman and Tilli Kalisky-Bannett. The latter two no longer hold executive positions in the company. At-Bay employs 120 people, about 50 of whom are in Israel. The At-Bay cyber insurance market in the United States is growing rapidly as a result of an increase in cyber attacks, especially ransomware attacks, on businesses and organizations. Conventional insurers hold most of the market. According to Iram, At-Bay insures about 10,000 medium-sized businesses in the United States, and its uniqueness lies in being both an insurance company and a cybersecurity company. “Before we engage with a customer, instead of giving them a data security survey, we run a simulation of the attack and check for its vulnerabilities. This way we avoid locking out 5% of companies with data security issues, and we can offer good prices, features and broader coverage for the rest,” says Iram. “In addition, we monitor our customers regularly throughout the year and run attack simulations, at the end of which we update them with the vulnerabilities we have found.” As a result, our customers are exposed to seven times less ransomware attacks compared to the market average, and we can reduce losses, offer attractive prices and grow. We perform these simulated attacks using tools we have developed and tools provided by partners. Related Articles At-Bay Internet Risk Insurance raises an additional $34 million in the event of a ransom attack, would you advise customers to pay? Try not to pay a ransom if possible. Only in some extreme cases where the alternative is a possible business collapse, we advise the customer to pay. In the event that the customer decides to pay a ransom without consulting us, in theory, under the contract, we can refuse to cover it. But we work with the biggest brokers in the insurance world, and it is important for us to maintain our reputation. So we try to meet the customer halfway and help him, as long as he’s not doing anything unreasonable, instead of trying to get him out through all sorts of technical items.” Posted by Globes, Israel business news – en.globes.co.il – 27 July 2021 © Copyright Globes Publisher Itonut (1983) Ltd. 2021